Friday, October 28, 2011
Acquisitions and eBooks Lift Bloomsbury Sales
Sales at Bloomsbury rose more than 16 percent, to £44.9 million for the six months ending August 31, driven by recent acquisitions and ebook sales that grew more than six-fold from a year ago, now at £2.5 million for the period. Like-for-like sales with the Continuum acquisition were still up 11.9 percent, but pre-tax profit declined to just £0.3, from £0.8 a year ago, due to restructuring costs and their relocation to new offices in London. With recent purchases, Bloomsbury's Harry Potter cash stash is down to just under £9.5 million.
UK sales were £30.8 million and US sales were £10.7 million, with the latter producing more profit (£.962 million). The company says they "enjoyed a strong first half to the year with both the UK and US performing above expectations."